ATB Cormack Issues Positive Forecast for Aecon Group (TSE:ARE) Stock Price

Key Points

• ATB Cormack raised Aecon Group’s price target to C$75 from C$66 and maintained a “buy” rating, implying 44.23% upside from the prior close.
• Several other brokerages also increased their targets, with Aecon receiving a consensus “Moderate Buy” rating from 12 analysts and an average price target of C$60.
• Aecon shares rose to C$52 on Monday. The company recently reported quarterly EPS of C$0.86 and revenue of C$1.92 billion, while analysts expect full-year EPS of C$1.38.

Aecon Group (TSE:ARE - Get Free Report) had its price objective lifted by equities researchers at ATB Cormack from C$66.00 to C$75.00 in a research report issued on Monday, BayStreet reports. The brokerage currently has a "buy" rating on the stock. ATB Cormack's target price indicates a potential upside of 44.23% from the company's previous close.

A number of other brokerages also recently issued reports on ARE. Desjardins increased their price target on shares of Aecon Group from C$58.00 to C$60.00 and gave the stock a "hold" rating in a report on Monday. TD boosted their price objective on shares of Aecon Group from C$66.00 to C$75.00 and gave the company a "buy" rating in a research note on Monday. Raymond James Financial upped their target price on shares of Aecon Group from C$60.00 to C$65.00 and gave the stock an "outperform" rating in a report on Friday. National Bank Financial upped their target price on shares of Aecon Group from C$66.00 to C$70.00 and gave the stock an "outperform" rating in a report on Monday. Finally, Stifel Nicolaus increased their target price on shares of Aecon Group from C$66.00 to C$75.00 and gave the stock a "buy" rating in a research note on Monday. Seven investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of C$60.00.

Aecon Group Price Performance

ARE traded up C$2.77 during trading on Monday, reaching C$52.00. 450,212 shares of the company were exchanged, compared to its average volume of 468,965. The company's 50-day moving average is C$49.31 and its two-hundred day moving average is C$45.25. The company has a market cap of C$3.57 billion, a price-to-earnings ratio of -67.53, a P/E/G ratio of 18.18 and a beta of 1.16. The company has a quick ratio of 1.27, a current ratio of 1.10 and a debt-to-equity ratio of 56.97. Aecon Group has a 12-month low of C$25.05 and a 12-month high of C$59.96.

Aecon Group (TSE:ARE - Get Free Report) last issued its earnings results on Thursday, October 29th. The company reported C$0.86 EPS for the quarter. The business had revenue of C$1.92 billion during the quarter. Aecon Group had a negative return on equity of 5.32% and a negative net margin of 0.83%. Research analysts forecast that Aecon Group will post 1.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Scott Stewart purchased 4,455 shares of the business's stock in a transaction on Friday, August 28th. The stock was acquired at an average price of C$44.89 per share, with a total value of C$199,984.95. Following the purchase, the director directly owned 24,484 shares in the company, valued at approximately C$1,099,086.76. This represents a 22.24% increase in their ownership of the stock. Also, insider Steven Neil Nackan sold 4,500 shares of the stock in a transaction on Thursday, August 27th. The stock was sold at an average price of C$45.55, for a total transaction of C$204,975.00. Following the completion of the transaction, the insider directly owned 8,035 shares in the company, valued at C$365,994.25. The trade was a 35.90% decrease in their position. Insiders sold 7,500 shares of company stock worth $343,875 over the last ninety days. 0.82% of the stock is currently owned by insiders.

About Aecon Group

Aecon Group Inc TSX: ARE is a North American construction and infrastructure development company with global experience. Aecon delivers integrated solutions to private and public-sector clients through its Construction segment in the Civil, Urban Transportation, Nuclear, Utility and Industrial sectors, and provides project development, financing, investment, management, and operations and maintenance services through its Concessions segment.

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